Po­ten­tial in­vestors want ABLV Bank’s owned bank in Lux­em­bourg

Baltic News Network - - Front Page -

Sev­eral po­ten­tial in­vestors have voiced their in­ter­est in pur­chas­ing liq­ui­dated ABLV Bank’s owned ABLV Bank Lux­em­bourg, says the bank’s liq­uida­tor Arvīds Kos­tomārovs.

«Sev­eral new in­vestors have al­ready voiced an in­ter­est in pur­chas­ing the bank in Lux­em­bourg. We ex­pect a new in­vestor soon,» said Kos­tomārovs.

He also said Lux­em­bourg’s Com­mer­cial Court de­clined on 8 March the re­quest from Lux­em­bourg’s reg­u­la­tor re­gard­ing com­mence­ment of liq­ui­da­tion of ABLB Bank Lux­em­bourg. Fol­low­ing the court’s de­ci­sion, two ex­ter­nal in­vestors have ap­peared. The bank’s pro­tec­tion sta­tus with a lim­i­ta­tion on trans­ac­tions has been ex­tended for six months.

«If need be, an ex­ten­sion of the term can be re­quested. Talks are cur­rently be­ing held with in­vestors and lo­cal reg­u­la­tor,» said Kos­tomārovs, adding that an in­ter­na­tional au­di­tor has been at­tracted to the sale process.

BNN had pre­vi­ously re­ported that the Fi­nance and Cap­i­tal Mar­ket Com­mis­sion is­sued its per­mis­sion for ABLV Bank to com­mence its self-liq­ui­da­tion process on 12 June 2018. FCMC has sub­mit­ted to Euro­pean Cen­tral Bank a de­ci­sion project to re­voke ABLV Bank’s li­cense.

To en­sure max­i­mum pro­tec­tion of in­ter­ests of clients and cred­i­tors and con­sid­er­ing ECB’s de­ci­sion re­gard­ing com­mence­ment of liq­ui­da­tion process, ABLV Bank’s share­hold­ers de­cided to com­mence self-liq­ui­da­tion on 26 Fe­bru­ary.

Prob­lems for ABLV Bank started when US De­part­ment of Trea­sury Fi­nan­cial Crimes En­force­ment Network an­nounced in Fe­bru­ary 2018 its plans to estab­lish sanc­tions against ABLV Bank for money laun­der­ing schemes that had as­sisted with North Korea’s nu­clear arms pro­gramme, as well as il­le­gal ac­tiv­i­ties in Azer­bai­jan, Rus­sia and Ukraine.

In re­sponse to these ac­cu­sa­tions, ABLV Bank’s lawyers asked FinCEN to call of its pro­posal, say­ing that ex­perts put up «ex­ag­ger­ated ac­cu­sa­tions» with­out pro­vid­ing any tan­gi­ble proof. It is also said FinCEN failed to take into ac­count ABLV Bank’s ac­com­plish­ments in pre­vent­ing fi­nan­cial crimes. ABLV Bank and its largest share­hold­ers have also sub­mit­ted pleas to the Euro­pean Union Court against Euro­pean Cen­tral Bank and Sin­gle Res­o­lu­tion Board.


Newspapers in English

Newspapers from Latvia

© PressReader. All rights reserved.